Mining-metal group Rio Tinto has completed a transaction to
purchase half of US aluminum recycling company Matalco from owner, the
Giampaolo Group, for $700 million (€638 million), subject to final closing
adjustments.
The
companies will turn Matalco into a 50:50 joint venture. The investment will
expand Rio Tinto’s aluminum business in the US, where demand for recycled
material is forecast to increase by more than 70% in the decade to 2032, driven
by the transportation, construction and packaging sectors, the company said.